a few things.
no, the universal type el cheapo O2 sensor will not work in a renix rig, it's a completely different kinds of sensor.
First things first
Check for vacuum leaks, a large vacuum leak will stall the motor at idle, and do weird things.
Find the TPS adjustment procedure, it's on here somewhere. Check that your TSP is in good working order.
Try cleaning your battery cables, in particular the grounds, make sure you check that ground strap to the head, it can look fine and then crumble in your fingers.
If all that checks out, I would take the IAC motor out of it's bore and clean it. Make sure the pintle doesn't fly across the room, and that it goes back in the bore the same way it came out.
Since you mention a hissing noise and rotten egg smell I would also check your cat. it sounds like it's hosed, and when they crumble inside they obstruct the exhaust pipe, causing all sorts of driveability issues.